Posted on 01/20/2010 5:56:33 AM PST by IbJensen
he next target in Comrade Obama's blitzkrieg against the economic freedom that made America wealthy is our retirement accounts:
President Barack Obama is calling for establishing automatic workplace pensions and expanding unemployment insurance as part of his spending plan for the U.S. Labor Department next fiscal year. We liken this to an "Obama 401k Plan."
The budget "lays the groundwork for future establishment of a system of automatic workplace pensions, to operate alongside Social Security, that is expected to dramatically increase" retirement and personal savings, Obama's Office of Management and Budget said in its outline, without giving details on the costs.
Sure it will.
The troubling thing to me is that the government would pay a 3% fixed interest rate on the accounts as opposed to the diverse mutual fund offerings in a traditional 401k plan. In effect, this would create a "Social Security" type structure to your retirement, IRA, or 401k.
The lack of equity options in your 401k plan would dramatically affect the possible returns, especially over an extended period of time. Just think, the average equity return over the stock market's history is somewhere between 9-11%. Do you think that you would be happy with 3%?
Just think of it as a vast expansion of the Social Security system that is already staggering toward bankruptcy — and another chance for Obama and friends to advance "social justice" by making us poor and dependent on what the government decides to let us have.
Long past revolution time!
Let them try this along with amnesty and if they didnt get the message after yesterday, then they’ll be done for sure.
The sell off would be amazing. Most people will take the hit in taxes and penalties to keep government’s grubby hands off their money.
This will play great in the Nov elections
to operate HELP FUND Social Security is what that means........
Pelosi mentioned this 3 years ago.
Sure. He will do this right after Health Reform is signed by him, right ...LOL
I there any way to get these thugs on RICO for all these Government Ponzi schemes. I may never be able to retire.
Here’s an idea: privatize Social Security! [I kid, I kid]
“The sell off would be amazing. Most people will take the hit in taxes and penalties to keep government’s grubby hands off their money.”
This is one guy that turns 59 1/2 in 1 year who will certainly do that.
Here’s an idea: Let the people have the same retirement plan as government workers. They don’t get SS...............
They will take your money and spend it.
Not long ago I got my statement telling me I’ve contributed $95k to SS, and my employers have matched that. If I had been given that $190k over my work life to put in a self directed 401k, I could be looking at retirement.
Instead, I have scumbag politicians who have secure retirements telling me SS may not be there for me.
If they touch my 401k, THAT will be enough for me to take to the streets.
The largest generational transfer of wealth is about to occur here and the lawyers want to steal it.
The bar associations have stolen our courts...
Funding social security was the original purpose of this idea. Some pointy headed goof was testifying before congress shortly after the stock market crash in late 08. The idea was to nationalize the private 401K plans, roll that money into social security to keep it from becoming insolvent. What amazed me was the arrogance of presenting an idea of taking private citizens hard earned savings to prop up social security. Social security is going broke faster than anyone will admit then they set their greedy eyes on our savings as if it’s their money to do with as they see fit. It seems as if the dc politicians figure that since the govt printed the money, that it belongs to them.
Cash in your 401(k) for 5.56 Nato.
Looks like we'd have a bit of a crowd going.
try offering people a guaranteed 3% when inflation hits ... if the marxists plan to do this move, they have to move fast while 3% still looks like something good
of course the small print language of this plan will “means test” any GOVT “benefit” from your seized (nationalized) account- and any other GOVT payments
in other words, to requote one of my “local politicians” looking for property tax increases - IF YOU GOT IT, GIVE IT
7.62 (51 or 54r) or 12.7 (99 variant unless you can get an Eastern bloc 107).
FICA section 1164, The Reservation of Power. This means Congress can spend Social Security on anything it wants and in the case of Fleming vs Nestor, SCOTUS ruled that the government is under no obligation to pay you benefits.
“Looks like we’d have a bit of a crowd going.”
Desperation causes people to act. My 401k is what I will depend on when I retire. I’m non union, I don’t have great retirement benefits, but my 401k is there. If they touch that, they will move me into a position of desperation.
People with little to lose, are free to act.
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